1992-03-30 General Fund MeetingCITY OF OKEECHOBEE
GENERAL EMPLOYEES PENSION PLAN
TRUSTEE MEETING MINUTES
MARCH 30, 1992
The joint quarterly meeting of the Police,Fire and General
Employees Trustees was called to order at 6:55P.M.
Trustees Present:L.C. Fortner, Jr., Charles Elders, Dowling
Watford Jr., Ben Loftin and Lola Parker.
Others present: Attorney Scott Christiansen
Motion by Dowling Watford,Jr., and second by Charles Elders to
approve the minutes of October 21, 1991 meeting.
Motion by Charles Elders, and second by Dowling Watford, Jr., to
approve expenses,payments to retired employees and new and,ter-
minated employees for October 1, 1991 thru March 30,-1992.
Chairmen Fortner, lead in a discussion with the Trustees concerning
the letter dated February 13, 1992, from Kruse, O'Connor and Ling
Inc. of updated impact study. Attorney Scott reminded the Trustees
that Mr. Drago (City Administrator) was not going to recommend any
monetary increases to the City Budget.
The City has beevcontributing 6.11% of regular salary rather than
the required amount according to the Acturial valuation: ;therefore
it was agreed by the Trustees to request City Council's approval
of revised Ordinance that would require contributions by employees
and the City be on total compensation (monies reported on W-2), which
may not increase the Cities budget over the.amomt; already being contributed.
Soon requested the Budgeted appropriations "for tti:Cities retirement
contributions of which he will compare with othd'i� Cities.
Larry Mobley (police pension plan trustee),statod that according to
Theora of Kruse, O'Connor and Ling Inc. thy! pension funds no longer
need the performance monitors for the investments, but Scott informed
the Trustees that the monitoring should be done at least once a year.
It was agreed by all Trustee members to keep Kruse, O'Connor and Ling
Inc. as Acturial's and address the possiability of a change once it
is evident what the City Council will do with the -ra ise.•d Ordinance.
Scott informed the Trustees that the Summary -Plan,;,D�V�riTtion OHM
report due April 1992 doesn't have to be done yet."
There being no reports from the trustees and no further, discussion
the meeting adjourned at 8:02 P.M. ...;'
THESE MINUTES APPROVED AND ADOPTED:
GENERAL FUND CHAIRMAN
.C. Fortner, Jr.
GENERAL FUND SECRETARY
Lola Parker 1400,